“The Australian economy continues to be more global. Consumers can buy goods wherever they are and whenever they want. Businesses are more challenged by global firms but can also tap more global opportunities. Workers and supplies can be accessed locally or abroad. And costs continue to lift.

“The Australian economy has strengthened over the past year and that is expected to continue in the coming year. But home building will be less of a driver. Consumer spending may provide more of a contribution to growth with business investment.

“Certainly economic growth will be supported by a broad array of infrastructure projects across the country, supporting prospects of construction, industrial and transport sectors.